Thursday, December 11, 2014

Oil Falling - UPDATE

West Texas Intermediate, benchmark U.S. oil price, fell under the $60 mark for the first time since July 2009. The drop is attributed to latest comments by Saudi oil minister today questioning the need to cut output. WTI finished the day at $59.02. Brent crude for January settlement also lost value, finishing at $63.68 a barrel on London-based ICE Futures Europe. (Bloomberg, 11 December)

UPDATE: On Friday, Brent was trading at $62.69 a barrel. UPDATE: Iranian Oil Ministry news website, SHANA, posted an interview on Friday 12 December with Iranian economist Mahmoud Jaamsaz who said oil needed to be priced at $125 per barrel in order for Iran to avoid budget deficit.

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